Life Insurance For People Over 50: What Plans Are Available?

We are strongly advised to purchase life insurance before it is too late. Unfortunately not all of us take into consideration this advice and some people decide to acquire life insurance when they are a bit old. This will give them some headaches, since not all insurers are that tolerable with seniors. Still there are several plans available for life insurance for people over 50:

over-50-life-insurance-300x1991)     Term life insurance. Yes, you can get term life insurance as a seniors, there are companies selling this kind of policies. But do not get too excited, because term life premiums strictly depend on your age. So, if you are too old, you will have to many a lot of money.

Term life is good only for a short amount of time. Since you are old, many insures will try to give you a policy with minimum length, so you can outlive it.  Term life pays the death benefits only if you die while the policy is available.  The benefits of term life: good prices for premiums (in the first years of the policy) and flexible ways to pay the premiums.

2)     Permanent life insurance.  Whole life insurance and universal life insurance are the most representative forms of permanent life insurance.  There are several differences between them, but they both provide protection for as long the owner lives.  All the saved money is tax free and they have a cash build component. Unlike term life insurance, the premiums are kept at the same level and that gives you the possibility to plan better your estate for the future years.

3)     No medical exam life insurance.  If you were not accepted by companies selling standard policies, you may be accepted by no medical exam insurers.  These companies understand better the risks of providing insurance to seniors and are specialized in offering them protection.  There are different no medical exam policies and plans and you must talk first with a broker or an insurance company representative before deciding which policy to purchase.

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